Chen Wei, a trader in Singapore, prepared a trial balance on 30 June 2024. Which of the following items would appear on the CREDIT side of the trial balance?

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Question

Chen Wei, a trader in Singapore, prepared a trial balance on 30 June 2024. Which of the following items would appear on the CREDIT side of the trial balance?

Accepted Answer

Provision for depreciation of motor vehicles $3,200 — Award 1 mark for provision for depreciation. Provision for depreciation is a credit balance as it reduces the value of non-current assets. A is incorrect — trade receivables is an asset (debit balance). B is incorrect — carriage inwards is an expense (debit balance). D is incorrect — prepaid rent is a current asset (debit balance).

Answer

Trade receivables $12,400

Answer

Carriage inwards $560

Answer

Prepaid rent $800

Answer

Provision for depreciation of motor vehicles $3,200

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